Anyone else looking in Perth at the moment?

[yadreamin]

Ausprop, You would have to be a lucky one to get 6% at the mo. I haven,t been able to increase my rents for well over a year now, more like 18 months actually.
Rentals avail everywhere. I,ve got one vacating soon, the ip is for sale so l think l might leave it empty to see if we get any bites, if not l will take it off the market and hopfully find a tenant.
Nothing seems to be selling either. Sure is a buyers market.

 

[Ausprop]

yeilds would be high because cap values have fallen so much. villas that were $380k are now down to around $260k. at $290/rent it's pretty good and i should think it is the bottom of the market, but who knows?? i havent had any problems gettign tenants into mine and the quality has generally been very good. on ehas had the same good tenant in there for nearly 5 years now.

 

[mingling]

bought another 2 bedroom units at Rivervale, at the 'grouped dwellings outside of Springs Development project, refer link for detail :

http://www.belmont.wa.gov.au/Servic...lansTheSpringsCentralBelmontMixedUseArea.aspx

cheers !

 

[gogo]

Perth IPs

Interesting post folks. Rixters link to his CGA post floats my boat! Thanks

We have been discussing the merits of Singleton (Nth of Mandurah) as a prospective good CG IP area in the future.
We know rents are average, but are thinking prices have been down for some time too.
There are a few in the early 400s, and are thinking buying up one rung to squeeze better CG over time. (by having the nicer house on the nicer street)
Landlocked beachside suburb.
Your thoughts?

 

[MTR]

I built in this area some years ago, still have the IP, 4x2.

Yields are woefully poor and it is difficult to increase rents in this area, its painfully slow. I notice that Rockingham is a better proposition in regards to yields, the reason I think is the lack of infrastructure which holds Singleton back.

As far a CG yes this will happen but it will take some time. There is an approved plan in place to make Madora Bay a regional beach and this will impact positively on Singleton.

At the moment due to oversupply you should easily pick up a bargain, possibly $420K 4x2 (220sqm2 living area).

Cheers, MTR

 

[Ausprop]

At the moment due to oversupply you should easily pick up a bargain, possibly $420K 4x2 (220sqm2 living area).

Cheers, MTR

no need to pay over $400k....

http://www.realestate.com.au/property-house-wa-singleton-106456978

 

[D.T.]

The singleton houses are a little out of my price range. I'm also not really sure if the boat has sailed for them - they have trippled over the past few years.

I'm currently looking at buying "inner east" (as I've labled it) units. With the trend being for more and more people to live alone and be easy access to work in the city I think the long term growth is there. They also have better yields than the Singleton stuff allowing 'poor' people like me to hold onto a few of them more easily.

 

[Ausprop]

The singleton houses are a little out of my price range. I'm also not really sure if the boat has sailed for them - they have trippled over the past few years.

yeh but any house will cost you the best part of $200k to build, and the land is worth x.... so hard to say they are inflated

 

[gooram]

I'm currently looking at buying "inner east" (as I've labled it) units. With the trend being for more and more people to live alone and be easy access to work in the city I think the long term growth is there. They also have better yields than the Singleton stuff allowing 'poor' people like me to hold onto a few of them more easily.

It sure is.

Not sure if you've seen the proposed plan for the burswood peninsula area which includes Belmont Racecourse and The Springs?

http://www.planning.wa.gov.au/Plans+and+policies/Publications/2182.aspx

It's a long term timeframe, but couple this with the new Perth Airport and Great Eastern Hwy redeveolpment and the inner east will be unrecognisable and a much more attractive place to live.

 

[gooram]

Not to mention Foreshore, Riverside and Northbridge Link developments creating more appeal for inner city suburbs.

Again, long way off for any of these to get going, let along get finished. Anyone seen how long it's taken to develop the old bus depot on Adelaide tce/Hay St? Crimany!

 

[MTR]

no need to pay over $400k....

http://www.realestate.com.au/property-house-wa-singleton-106456978

Hi Aus
yes I saw that, it's a small block though. This market is stuffed.

Just as well we did not pay these prices, but still no fun holding on to -ve IP when you can't raise rents and growth is some time off.

Cheers, MTR

 

[Jen_PFR]

If you are adopting a pure capital gains strategy the areas that I would be looking at, which I believe are undervalued are:

Yokine
Tuart Hill
Joondanna
Doubleview
Glendalough
Maylands
Victoria Park/East V.Park
Scarborough
Riverton
Wilson


And if you have some more cash to play with the area which is about to explode is Mount Hawthorn.

We have two units in Glendalough and have been very happy with both the CG and rent on them, so wholeheartedly agree with its inclusion in the above list

One suburb I'd add to the list is Osborne Park. Still mixed res/commercial, but it will undergo gentrification, it's just too close to the CBD not to.... I anticipate the commercial side will slowly phase out for this reason (except immediately around the Scarborough Beach Rd precinct). If you look at the value of units in Ossie Park compared to surrounding areas (Joondanna, Tuart Hill, Yokine etc), they're still good value. (We buy units, so I can't really comment on houses or villas.)

 

[Jebb]

It sure is.

Not sure if you've seen the proposed plan for the burswood peninsula area which includes Belmont Racecourse and The Springs?

http://www.planning.wa.gov.au/Plans+and+policies/Publications/2182.aspx

It's a long term timeframe, but couple this with the new Perth Airport and Great Eastern Hwy redeveolpment and the inner east will be unrecognisable and a much more attractive place to live.

Fingers crossed on this one. Hoping they get rid of all the industry on G. Eastern Hwy there around Ascot and replace it with commerce like Osborne Park. Should lift values in the Belmont/Rivervale/Cloverdale region.

We have two units in Glendalough and have been very happy with both the CG and rent on them, so wholeheartedly agree with its inclusion in the above list

One suburb I'd add to the list is Osborne Park. Still mixed res/commercial, but it will undergo gentrification, it's just too close to the CBD not to.... I anticipate the commercial side will slowly phase out for this reason (except immediately around the Scarborough Beach Rd precinct). If you look at the value of units in Ossie Park compared to surrounding areas (Joondanna, Tuart Hill, Yokine etc), they're still good value. (We buy units, so I can't really comment on houses or villas.)

Are you also including that pocket between Main St and the freeway, around Cape St up to Hutton? I wonder how much they will go up. Great location being so close to the freeway, but there is still industry around there, and they are starting to show their age. Although last time I was in the area, I did notice there were a bunch of new developments going up to replace the old Italian style houses on 700m2 blocks.

 

[yadreamin]

I spoke with my trusty REA yesterday here in Mandurah, said he had written up 3 offers this week all starting at least 40k under the asking price.
Would not want to be in a hurry to sell here at the mo.
It really is a buyers market.
I do know someone who is about to try and offload 6 in Seascapes She does know she will loose money on them but l wonder if she realises just how much she will loose

 

[Jen_PFR]

Are you also including that pocket between Main St and the freeway, around Cape St up to Hutton? I wonder how much they will go up. Great location being so close to the freeway, but there is still industry around there, and they are starting to show their age. Although last time I was in the area, I did notice there were a bunch of new developments going up to replace the old Italian style houses on 700m2 blocks.

We've actually just sold one between the freeway onramp and Main St, for that very reason, and bought one at the Scarb Beach end of Main Road - still not a new complex, but much better maintained, and a lot smaller.

I definitely agree there's lots of potential for the development side of OP as well - if we were a bit more flu$h we'd be looking at that as an option!

 

[jaycee]

That's my neck of the woods Jen... Between Main St& the freeway

Saw a villa on Hecotr St the other week, still advertised today, $309k unrenovated, about 2 blocks frm the freeway onramp.

But I'm wondering if a bigger block (developable) might be better for my next investments

Does anyone have any thougts on this - either as a area for buying developable blocks, or this specifc one compared to the area in general - only problem 683 sqm not 728 sqm (R40 zoning)

http://www.raywhite.com/cgi-bin/rse...22628&cc=au&s=wa&tm=1280561026&cu=fn-raywhite



or this , 751sqm listed for $400k ?

http://www.realestate.com.au/property-house-wa-balga-106427016?activeSort=price-asc

Damn it I even drove past one in Morley just to add to my confusion. On a bit of a main road,Walter Road down a little bit from the Galleria

http://www.realestate.com.au/property-house-wa-morley-106492803?activeSort=price-asc

673 sqm $480k, but zoned R25

 

[jaycee]

guess it's just me looking


this could make a stylish PPOR for someone like me.

http://www.realestate.com.au/property-house-wa-perth-106605598

wonder it really went for

Like an old character apartment I saw, the white walls & high ceilings give me a wow factor

Doesn't look too badly positioned location-wise either does it ?

Pitty my t/house is worth 230k+ less than the 'suit buyers over $550k' advert suggests they want for it

 

[INVSTOR]

I think the last property is nice, what do u like about the Morley one?

 

[jaycee]

which one did you like, the morley or the west perth one ?

What do I like about Morley ? little that I know: not too far/decent suburb/Coventry Mkts/could possibly afford developable block

not tied to it any way, it's my blind search for trying to get an understanding of hwer ecould mke a good invstment location for ip 3

the west perh type of property could be something I apsire to for my PPOR.. another reason I need to buy well wth IP 3

 

[Ausprop]

w pERTH - whats the parking deal? how big was the block?